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Ripple has the potential to break above $0.56 which will see it test the resistance at $0.58 before it attacks $0.60.

“I will concede, we haven’t gotten there yet,” Schwartz said.

According to Reuters, it was surprising yet fascinating when Ripple’s Chief cryptographer, David Schwartz said that the technology behind Ripple is not set for use in the banking sector. The comment from the cryptographer is quite surprising considering that Ripple’s xCurrent and xRapid products were created for that sole purpose; to revolutionize remittances in the banking sector including cross-border payments using blockchain. Moreover, it is supposed to cut down on transaction costs and bring down the time used when transferring money internationally. Moreover, Ripple has struck partnerships with many corporations and financial institutions over the years who use the same technology. As Reuters puts it, David Schwartz said in a comment:

“What we hear from many of our customers is that it’s imperative to keep their transactions private, process thousands every second, and accommodate every type of currency and asset imaginable,” Schwartz said. “I will concede, we haven’t gotten there yet.”

In the meantime, Ripple price is trading at the narrow end of the rising wedge pattern pending an upside breakout. XRP/USD is up 4% on the day although it is facing immediate resistance at $0.56 slightly below the 38.2% Fib retracement level with the last swing high of $0.59 and a low of $0.504.

In the recent declines, Ripple dropped below the support at $0.53 – $0.52 before bulls entered marginally above $0.50. A brief bullish flag pattern was formed close to $0.53 before another breakout that broke past the 50% Fib retracement level with the previous swing of $0.59 and a low of $0.504. The stochastic is at 35% but its signals indicate that bullish corrections will continue in the near-term. Ripple has the potential to break above $0.56 which will see it test the resistance at $0.58 before it attacks $0.60.